November 12, 2015 — PRINCETON, NJ — Rive Technology, a provider of innovative materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, water and biofuels industries, today announced the closing of a $17 million round of financing from leading energy investors. Zeolyst International, a Joint Venture between PQ Corporation and Shell’s Project and Technology affiliate CRI/Criterion Inc., joined the Series E financing. Zeolyst joined Rive’s existing investors Saudi Aramco Energy Ventures, Mitsui Global Investment, The Blackstone Group, Charles River Ventures, Advanced Technology Ventures, and Nth Power, bringing the total investment to date to $85 million.
The funds will support continued commercial deployment of Rive’s Molecular Highway™ zeolite technology into the global refining and petrochemical industries, specifically in the fluid catalytic cracking and hydrocracking processes. Rive has commercially proven its technology and value proposition and will use the funding to expand globally as well as develop additional applications of Molecular Highway™ technology and expand its existing base of commercial licensees.
Rive’s proprietary Molecular Highway™ technology makes zeolites used in refining and petrochemical catalysts more accessible to hydrocarbon molecules, resulting in increased yields of high quality transportation fuels and petrochemicals and providing refiners and petrochemical manufacturers with the flexibility to increase throughput and process heavier feeds.
“Zeolyst is not only an important investor for Rive, but also great strategic business development partner in hydrocracking,” said David C. Aldous, Chief Executive Officer of Rive Technology. “This round of funding helps us accelerate our global growth to better provide refining and petrochemical customers access to our innovative value enhancing technologies.”
About Rive Technology
Rive is a developer of innovative materials-based solutions for catalytic and separations processes in the petroleum refining, chemicals, and biofuels industries. Through its Molecular Highway™ technology, an innovative materials science platform, Rive enables higher performing catalysts and adsorbents. Rive is commercializing its Molecular Highway technology for the petroleum refining industry, specifically fluid catalytic cracking (FCC), with W.R. Grace (NYSE: GRA) through jointly developed FCC catalysts. FCC catalysts powered by Molecular Highway technology allow refiners to profit by increasing production of high-quality fuels and by processing heavier crudes. For more information, please visit www.rivetechnology.com.
About Zeolyst International
Zeolyst International is a global leader in the disciplines of zeolite powders, catalysts and adsorbents. It combines the product development and manufacturing expertise in zeolites and catalysts from its parent companies, PQ Corporation and the Shell Projects and Technology affiliate CRI/Criterion Inc., into a single entity that can handle the entire development and commercialization of zeolite applications. For more information, please visit www.zeolyst.com